Nifty may slip to 5840-5780: R K Global

R K Global Technical Report:

Nifty ended with a decent loss of 83 points for the second consecutive session. It finished off with a big bearish candle just at its 30DEMA (at 5916). It has already reached last weekly low (5910) below which it will resume strong down trend till 5840 even 5780.

Bank Nifty closed with a bearish shooting star candle at lowest point of the day which suggests weakness to persist. We still believe 10400 is not so far away for this Index which appears as a decent support on long term chart.

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